President Muhammed Buhari Monday in Abuja called
for an explanation from the Ministry of Finance on the
foreign loans obtained for rail projects but diverted to
other purposes.
Speaking at the end of a presentation on the Ministry
of Transport by the Permanent Secretary, Alhaji
Mohammed Bashar at the Presidential Villa, President
Buhari said that it was disappointing to find that
foreign loans obtained in line with signed agreements
were moved from one project to another.
“I hope that due process was followed before such
diversions were carried out. Taking money from one
project to another has to be done properly,” the
President warned.
President Buhari was reacting to the specific instance
of the diversion of a substantial part of the loan of
USD1.005 billion from the Chinese Exim Bank, obtained
for the construction of a standard gauge rail line linking
Lagos to Kano but which was moved elsewhere.
The Permanent Secretary had informed the President
that only USD 400 million of that loan remained with
the Ministry of Finance.
The President regretted that government had, over the
years, failed to meet its counter-part funding obligation
on some projects, leading to such projects being left
uncompleted or abandoned.
He added that there was a clear need to streamline,
harmonize, and prioritize on-going projects in the
transportation sector.
The Permanent Secretary of the Ministry also briefed
the President on other challenges facing the transport
and maritime sectors such as encroachment on railway
land, lack of security on inland waterways and the
confused nature of agreements between the Nigeria
Ports Authority and ports concessionaires. abusidiqu.com/buhari-orders-finance-ministry-to-explain-diversion-of-foreign-loans-meant-for-rail-projects/?UA-34095171-2=

Pls gimme sometime lemme consult with aunty Ngozi, hen I'll explain!

Oya

Back in the days, this case is called
MISAPPROPRIATION of funds and it was as serious as outright theft.
Well, values,law and decency have all been eroded. Justice corroded and extant laws
Confined to the dustbin.
When the full weight of the directionless
Laissez sleazy regime finally hit home we will be looking for stones to haul at the regime in unison .
Good riddance

I think Nigeria allowed Ngozi and Diezani too much powers. Jonathan just couldn't demonstrate leadership.

$600mn Foreign Loan Meant For Rail Projects diverted
lalasticlala

Nigeria is Working

PMB always on point!!